IRB Infra gains on emerging as preferred bidder for a highway project

IRB Infrastructure Developers rose 3.62% to Rs 91.60 at 10:39 IST on BSE after the company said it has emerged as a preferred bidder for a road project in Maharashtra.

The announcement was made during trading hours today, 17 December 2013.

Meanwhile, the S&P BSE Sensex was up 97.07 points or 0.47% at 20,756.59.

On BSE, so far 3.30 lakh shares were traded in the counter as against average daily volume of 5.90 lakh shares in the past one quarter.

The stock hit a high of Rs 92.80 and a low of Rs 89.55 so far during the day. The stock had hit a 52-week high of Rs 140.15 on 17 December 2012. The stock had hit a 52-week low of Rs 51.90 on 2 August 2013.

The stock had underperformed the market over the past one month till 16 December 2013, declining 0.06% compared with the Sensex's 1.28% rise. The scrip had, however, outperformed the market in past one quarter, jumping 18.26% as against Sensex's 4.65% rise.

The company has equity capital of Rs 332.36 crore. Face value per share is Rs 10.

IRB Infrastructure Developers said it has emerged as a preferred bidder for the project of four laning of Solapur to Yedeshi section of national highway (NH) -211 in Maharashtra to be executed as BOT (Toll) on DBFOT Pattern under NHDP Phase - IV. Concession period is 29 years. Construction period for the project is 910 days. IRB said it has sought Rs 189 crore as viability gap funding from National Highway Authority of India (NHAI).

IRB Infrastructure Developers' net profit declined 11.7% to Rs 106.81 crore on 11.1% growth in net sales to Rs 939.13 crore in Q2 September 2013 over Q2 September 2012.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

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